Randall, Wright; Alberto, Trejos - In: The B.E. Journal of Macroeconomics 1 (2001) 1, pp. 1-17
We develop a two-country, two-currency, search-theoretic model of monetary exchange, extending previous such models by endogenizing prices using bargaining theory. We analyze features of the environment that make it more likely that a given money circulates internationally. We show the value of...